SEC expected to reject Bitcoin spot ETF application: Matrixport | CoinDesk JAPAN

Cryptocurrency service provider Matrixport expects the U.S. Securities and Exchange Commission (SEC) to reject all its applications to list its Bitcoin spot ETF (exchange-traded fund) this month.

Matrixport said in a memo on the 3rd that “Leadership of the current five-member voting committee, which is important for SEC approval of ETFs, is held by Democrats,” and “SEC Chairman Gensler is “He doesn’t condone crypto assets, and it may be a long shot to expect him to vote in favor of approving a Bitcoin spot ETF.”

“ETFs will undoubtedly enable growth for crypto assets overall, and based on Gensler’s comments in December 2023, he still believes the industry needs stricter compliance,” Matrixport said. “From a political perspective, there is no reason to approve a Bitcoin spot ETF that justifies Bitcoin as an alternative store of value.”

With the widely expected approval of a Bitcoin spot ETF in the US, Bitcoin reached levels not seen since April 2022 and ended 2023 up nearly 160% year over year.

Matrixport estimates that of the $14 billion (approximately 2.3 trillion yen, equivalent to 145 yen to the dollar) of new fiat currency and leverage inflows into crypto assets since September, $10 billion is related to ETF expectations. We estimate that there may be.

As of this writing, Bitcoin has fallen nearly 7% on the 3rd, reaching $42,445 (approximately 6,154,525 yen), with all of the decline occurring within a few minutes around 12:00 UTC. It occurred in

Alex Thorn, head of research at crypto asset management firm Galaxy Digital, took issue with Matrixport’s report, calling it “disconcerting” and “nonsense.” Galaxy Digital has partnered with Invesco to file a Bitcoin spot ETF with the SEC.

｜Translation and editing: Rinan Hayashi
｜Image: SEC, modified by CoinDesk
｜Original text: Bitcoin Spot ETF Proposals to Be Rejected by SEC: Matrixport